MonsterCapital.ca
MonsterCapital.ca Mortgage Investment Corporation was created in 2016 to assist people that found themselves in a position where it was difficult to arrange financing on a property. We understand that people face challenging situations in life that may require financing from a lender who understands and deals with these scenarios every day. We are not governed by Bank rules. We take a common sense approach to lending.
Every Client Has a Story
The following scenarios are real cases where MonsterCapital.ca provided financing when the banks said no! Our mortgage solutions are completely transparent, with no hidden fees. We have helped hundreds of clients in the GTA with short-term and goal-oriented mortgages. Our ultimate goal is to refinance your mortgage at a lower rate with a schedule ‘A” bank when your financial situation has improved and you meet their guidelines. In today’s fast-paced environment, any of these client stories could happen to you.
Construction Financing:
Our client, Carol, recently purchased a property with an existing house with the goal of building her dream home. Carol went to a few different banks in an attempt to secure construction financing and was declined each time. She quickly learned that the banks do not have the necessary expertise and are risk- averse to this type of lending. They simply do not want to get involved in construction financing.
For 25 years, MonsterMortgage.ca and MonsterCapital.ca have been providing diverse and complete solutions for construction financing. MonsterCapital.ca was able to assess the situation and provide Carol with the 4 advances she needed to build her dream home. In addition, we structure all of our construction mortgages so our clients do not make any payments during the actual build. Carol was very happy with this feature as it allowed her to focus on the build. Upon completion of the new home, MonsterMortgage.ca was able to refinance Carol’s property and secure her a new low interest first mortgage with Scotiabank. In many cases, MonsterCapital.ca will place a second mortgage on the property for construction financing. This allows consumers to continue to enjoy a much lower rate on their first mortgage during construction.
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Construction Financing
Purchase Financing Based on Today's Value:
Our client, Robert, purchased a new pre-construction condominium on Mill Street in 2016 for $350,000. Upon completion, the condo’s value had increased to $600,000 but his bank would only base their mortgage on the purchase price of $350,000. This is common Bank practice.
MonsterCapital.ca provided him with a mortgage based on the current value of the property. Robert opted for the pre-paid payments for the 12-month term. This gave him more time to decide whether he wanted to sell, rent or live in the property. MonsterCapital.ca’s penalty-free open mortgage, made this decision easy for him.
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Purchase Financing
Renovation Financing:
Our client, Maria, just inherited a duplex in East York. The building was old, outdated and required extensive renovation to bring it up to code and attract good tenants to pay rent. Although Maria had $100,000 of her own savings to start the renovation, she required significantly more money to complete the project.
MonsterCapital.ca provided her with a $300,000 renovation loan to complete the project. Maria drew down the money as needed, like a line of credit, only paying interest on the money she was using. Upon completion, MonsterMortgage.ca placed Maria’s new mortgage with one of our many bank lenders in the market, providing her with a lower interest rate and significant savings.
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Renovating Financing
Short Term or Bridge Financing:
Prior to selling his existing property, our client Thomas, purchased a new home in Kleinberg. In today’s market, consumers are forced to purchase prior to selling. The dilemma for Thomas was how to finance the purchase of the new home without a firm sale on his existing home.
MonsterCapital.ca provides short-term financing until your current home is sold. Banks require a firm sale agreement in place in order to facilitate bridge financing for the new purchase. Thomas’ home sold 45 days later after moving into his new home in Kleinberg. He was able to pay off the penalty-free, open mortgage with a new one from TD Bank. Remember, the banks will not provide you with this type of financing, unless your current home is sold.
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Short Term or Bridge Financing
Lifestyle Changes ex. Divorce:
Kimberly and Dennis recently got divorced. Their agreement entitled Dennis to receive his share of equity in the home. Kimberly did not want to sell the home and uproot her two children. With Dennis coming off the title, she no longer qualified on her own with the bank. Additionally, her credit score was affected by the divorce.
MonsterCapital.ca was able to provide her with the money to pay Dennis out, leaving the first mortgage in place “as is”. In addition, we included 12 months of mortgage payments so she could focus on her family and her future. This gave her time to decide whether staying in the home or selling was in her best interest.
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Lifestyle Changes
Debt Consolidation:
Our client, Jennifer, was temporarily laid off due to the pandemic, and incurred a lot of debt as a result. She accumulated approximately $18,000 of debt from her Visa card, 2 overdue car payments, and a looming CRA payment. The banks like to get you into these problems, but they don’t help you get out of it.
MonsterCapital.ca’s lending criteria is based on equity in the property, not credit scores. We were able to consolidate all of Jennifer’s debts with her existing mortgage and built in 12-months of payments to help her with cash flow. After clearing up her debts, Jennifer’s credit score improved within 12 months and she refinanced her fully open mortgage with Scotiabank.
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Debt Consolidation
Consumer Proposal:
Bill recently filed for a consumer proposal. A consumer proposal requires you to pay off a portion of your outstanding debt, generally 50% of the outstanding balances, amortized over a 7 year period of time. It affects your credit score and can make borrowing very cumbersome and difficult. Fortunately for Bill, his wife Janice wasn’t involved in the proposal and they still had equity in their home.
MonsterCapital.ca raised the money as a second mortgage to pay off the proposal, 6 years earlier than required. This improved Bill’s credit and at the end of the one year term, MonsterCapital.ca placed the mortgage with a new, low-interest lending institution.
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Consumer Proposal
Who we are
Whether you require access to money to complete a construction project, bridge financing for a new purchase or need a consolidation loan to clear up run-a-way debt (including consumer proposal or bankruptcy situations), MonsterCapital.ca offers individuals a 12-month reprieve from payments and time to get resettled. The primary goal , once your credit has been reestablished, is to transition you back to a financial institution. We have had tremendous success doing this within a one year term. Our mortgages are fully open without penalty.
Our Affiliations
An award-winning Canadian mortgage brokerage firm, MonsterMortgage.ca® is the smarter alternative to dealing with just one bank. By providing you with the facts your bank won’t tell you about your mortgage, we help you uncover the clout you already have so you can save money, increase your cash flow and become mortgage free faster. Since 1997, MonsterMortgage.ca® has helped over 100,000 Canadians live their “Monster Life”, we would love the opportunity to help you live yours!
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